Japanese, Hong Kong Stock Futures Rise on U.S. Economic Data

May 29 (Bloomberg) -- Japanese and Hong Kong stock futures
rose after data showed U.S. consumer confidence climbed to the
highest level since 2008 and home values jumped the most in
seven years, boosting the outlook for exporters.

American Depositary Receipts of Toyota Motor Corp., the
world’s largest carmaker, gained 1.4 percent after the yen
weakened from the close of equity markets in Japan. ADRs of
Nissan Motor Co., a carmaker that gets 79 percent of its revenue
abroad, added 1.7 percent. Those of Sony Corp. advanced 1.7
percent as Citigroup Inc. increased by 29 percent its price
estimate on shares of Japan’s biggest TV maker.

Futures on Japan’s Nikkei 225 Stock Average expiring next
month traded at 14,410 in Chicago yesterday, up from 14,360 at
the close in Osaka, Japan. They were bid in the pre-market at
14,420 in Osaka at 8:05 a.m. local time before Bank of Japan
governor Haruhiko Kuroda addresses a conference this morning.
Futures on Australia’s S&P/ASX 200 Index were little changed and
New Zealand’s NZX 50 Index rose 0.4 percent.

“An improving U.S. economy should support earnings and
valuations,” said Johannes Jooste, who helps oversee more than
$1.76 trillion as a market strategist at Merrill Lynch Wealth
Management in London. “Although BOJ governor Kuroda has
signaled no extension to his monetary stimulus package, loose
Japanese monetary policy should remain a bolster for local
liquidity.”

Japan’s Topix index, the broadest equity gauge, added 1.2
percent to close yesterday at 1,168.27 after falling as much as
1.2 percent. Even after a 9.6 percent drop in the previous three
days, Japan’s broadest equities gauge is still up 36 percent
this year.

Hong Kong

Futures on Hong Kong’s Hang Seng Index gained 0.4 percent
and contracts on the Hang Seng China Enterprises Index of
mainland Chinese companies trading in Hong Kong added 0.4
percent. The Bloomberg China-US Equity Index of the most-traded
Chinese shares in the U.S. climbed 1.2 percent in New York
yesterday.

The MSCI Asia Pacific Index, the benchmark regional
equities gauge, traded at 13.4 times average estimated earnings
yesterday compared with 15.1 for the Standard & Poor’s 500 Index
and 13.6 times for the Stoxx Europe 600 Index, according to data
compiled by Bloomberg.

Futures on the Standard & Poor’s 500 Index were little
changed. The benchmark equity gauge rose 0.6 percent, bringing
its advance this month to 3.9 percent, a seventh month of gains.
That’s the longest winning streak since September 2009.

Consumer Confidence

U.S. consumer confidence climbed in May to the highest
level in more than five years, a Conference Board report showed
yesterday. The index rose to 76.2, the strongest since February
2008 and exceeding the highest estimate in a Bloomberg survey of
economists.

Separate data showed that U.S. house prices rose in the 12
months through March by the most in seven years as the recovery
in residential real estate gained momentum. The S&P/Case-Shiller
index of property values increased 10.9 percent from March 2012,
the biggest 12-month gain since April 2006, after advancing 9.4
percent in February.

The yen traded at 102.29 per dollar as of 7:39 a.m. in
Tokyo, declining from 101.98 at the close of equity markets
yesterday in Japan.